Foreign firms are increasingly investing in the cannabis industry in Colombia months after the Andean country lifted the ban on exporting half-dry cannabis flowers.
The latest to join this list is China’s Pharmacology University, which has partnered with an educational institute in Santa Marta to offer a diploma course for Colombians hoping to launch a career in the medical cannabis industry.
The local cannabis industry received a shot in the arm when President Ivan Duque tweaked regulations to allow the export of dry cannabis flowers, which make up over 50% of the demand in the US.
Investment promotion agency ProColombia expects the country’s cannabis industry to earn $1.7 billion in revenue annually by 2030.
As many as 18 firms, mostly Canadian, have invested around $288 million so far, with analysts estimating the sector to create more than 2,000 jobs in the near future.
Considering an opinion piece by a senior executive at the agency, the Andean country is already exporting medical cannabis to the United States, the UK, Australia, Germany, and Mexico.
Meanwhile, Avicanna, a Canadian firm that grows cannabis in Colombia’s Sierra Nevada de Santa Marta, has claimed to be seeking a patent for an epilepsy treatment method using cannabinoid formulations.
Another major investor, Clever Leaves, has recently received the EU certification to export medical cannabis.